Business Daily Media

The Times Real Estate

.

Pacific Century Premium Developments Limited announces interim results for six months ended June 30, 2024

HONG KONG SAR - Media OutReach Newswire – 24 July 2024 -

2024 Interim Results - Financial Highlights

(Figures for the corresponding period in 2023 are shown in brackets)

  • Consolidated revenue: HK$ 545 million (HK$ 452 million)
  • Consolidated operating profit: HK$ 49 million (Consolidated operating loss:HK$ 21 million)
  • Consolidated net loss attributable to equity holders of the Company:
  • HK$ 153 million (HK$ 221 million)
  • Basic loss per share: 7.52 HK cents (10.85 HK cents)
  • No interim dividend (No interim dividend)

Pacific Century Premium Developments Limited ("PCPD", SEHK: 00432) announced its interim results for the six months ended June 30, 2024.

The consolidated revenue of PCPD and its subsidiaries (together, the "Group") amounted to HK$ 545 million, compared to HK$ 452 million for the corresponding period of 2023.

The Group's consolidated loss attributable to equity holders of the Company for the first six months of 2024 totalled HK$153 million, compared to a net loss of HK$221 million for the corresponding period last year. Basic loss per share for the six months ended June 30, 2024 was 7.52 Hong Kong cents, compared to a loss per share of 10.85 Hong Kong cents for the corresponding period of 2023.

The Board of Directors did not declare an interim dividend for the first half of 2024.

Throughout the first half of 2024, we remained on the growth trajectory and delivered a set of encouraging results. Our performance in the Japanese market was particularly impressive. On the back of Japan's tourism boom and a devalued yen, Park Hyatt Niseko, Hanazono, our hospitality business in Niseko, Hokkaido, recorded a sharp rise in revenue. Throughout the period, our ski business stood out as one of the top performers in the region. Since 2023, earnings from our recreational facilities in the resort, including the upgraded ski lifts, "Hanazono Zipflight", and "42⁰N Art Hanazono – Mountain Lights", have been performing well. We will continue our efforts to develop Niseko Hanazono Resort into a world-class all-season luxury resort, and we are confident that this business segment will bring us growth and prosperity in the years to come.

In Jakarta, our premium commercial building, PCP Jakarta, delivered a stable performance and remained a solid revenue contributor to the Group. As of June 30, 2024, the office space committed occupancy was 87 per cent. The gross rental income amounted to HK$100 million for the six months ended June 30, 2024, compared to HK$121 million for the corresponding period in 2023.

Executive Centre @ PCP, a flexible workplace solution that offers higher quality workspaces to office workers in response to the growing demand for viable one-stop office solutions, has received positive feedback from our tenants. The project was launched under the strategic partnership between our premium commercial property, PCP Jakarta, and Asia's leading premium flexible workspace provider, The Executive Centre.

As Thailand's tourism sector continued to thrive in the first two quarters of 2024, the Group's Aquella Golf & Country Club and 18-hole golf course reported a notable increase in the number of visitors during the period.

Construction of the superstructure of the project at 3–6 Glenealy, Central, Hong Kong, has already commenced in April this year and has been progressing well.

Mr. Benjamin Lam, PCPD's Deputy Chairman and Group Managing Director, said: "Despite some optimism at the start of the year, 2024 has thus far been characterised by a continuation of the risks and factors that plagued different parts of the world throughout the previous year. Geopolitical tensions and slow recovery have kept growth on an uncertain footing. Nevertheless, the global economy has shown its resilience in the past months, maintaining steady growth while inflation is returning to target levels. International tourism across the globe has made near-complete recovery.

As we embark on the second half of the year, we will continue to build on our momentum. Our focus will be on driving our business towards sustainable growth to maximise long-term returns for our stakeholders."

Hashtag: #PCPD

The issuer is solely responsible for the content of this announcement.

About PCPD

Pacific Century Premium Developments Limited ("PCPD" or the "Group", SEHK: 00432) is principally engaged in the development and management of premium-grade property and infrastructure projects as well as premium-grade property investments. PCCW Limited ("PCCW", SEHK: 00008) is the single largest shareholder of the Group.

News from Asia

SonicWall Redefines Cybersecurity, Sets New Standard with Next Generation Network Security Solutions Built for MSPs

Delivering peace of mind with layered security, co-managed services and a unified management platform, SonicWall is helping partners grow services profitably through its continued innovation levera...

BNM’s Policy Rate Call Looms: Octa Broker Highlights Inflation, Exchange Rate and Trade Challenges

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 6 May 2025 - This Thursday, Bank Negara Malaysia (BNM) will announce its policy rate decision. While most analysts expect no change, Octa Broker ...

TDCX retains rank as the top Southeast Asian outsourced CX provider

Among top 17 globally in OA500 Index that evaluates BPO firms worldwide SINGAPORE - Media OutReach Newswire - 7 May 2025 - TDCX, a leading global business process outsourcing (BPO) company for te...

NIA Eyes Green Tech Unicorns Within Three Years, Four Thai Startups Set to Showcase at ‘Web Summit Qatar 2025’ as Global Green Innovation Market Forecasts 25% Annual Growth Over the Next Decade

BANGKOK, THAILAND - Media OutReach Newswire - 7 May 2025 - The Ministry of Higher Education, Science, Research and Innovation (MHESI), through the National Innovation Agency (Public Organization)...

Trend Micro Delivers AI-Powered Threat Detection with AWS Infrastructure Support and NVIDIA Integration

Proactive security with AI-powered model built for modern enterprise workloads HONG KONG SAR - Media OutReach Newswire - 7 May 2025 - Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cyb...

Bee Choo Origin Strengthens CSR Efforts with Electric Van Donation to NKF

SINGAPORE - Media OutReach Newswire - 7 May 2025 – Bee Choo Origin, Singapore’s leading herbal hair care brand that specialises in hair fall treatment and oily scalp treatment, has reaffirmed it...

SMART launches new research group WISDOM to pioneer technologies that will help machines "see" like humans

Multi-million-dollar, three-and-a-half-year programme to advance Singapore’s optoelectronics and photonics capabilities and semiconductor industry, which generated over S$133 billion in 202...

Vingroup and the Rise of the ESG Ecosystem

Vingroup is positioning itself to lead Vietnam's ESG push, using its broad business network to drive sustainable growth at home and abroad, while eyeing partnerships in the Middle East's expanding ...

DFI Retail Group and Dingdong Announce Strategic Partnership With first-year sales target of HKD100 million

HONG KONG SAR - Media OutReach Newswire - 7 May 2025 - DFI Retail Group (DFI or the Group), and Dingdong (Cayman) Limited (Dingdong or DDL), a leading fresh food e-commerce platform in the mainlan...

Blue Cross Surpasses Market Average with Over 20% Growth in 2024

HONG KONG SAR - Media OutReach Newswire - 7 May 2025 - Blue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") reported outstanding performance in the 2024 provisional statistics for Hong Kong ...

UNSW startup accelerator offers $200K to the next generation of Australian deeptech unicorns

UNSW Founders, Australia’s most recommended startup accelerator, has partnered with fund manager Luminary Partners to invest $200,000 each into 18...

The Future Is Now: AI Modernization Is Reshaping How Business Gets Done

The present business environment imposes stronger requirements on Australian organizations to match the fast-paced digital-first economy requireme...

Businesses losing an average of $493k from data integrity flaws

Managing data responsibly and effectively for the AI age can give organisations a strong competitive advantage, but many are failing to harness th...

AI shopping disruptor Zyft raises $7.5M to lead the next gen of retail tech

Zyft appoints new CEO, Richard Stevens, to lead the latest Waller Group success story, valued at $30 million SYDNEY, 28 April 2025: Zyft, the lea...

Little known law offers savvy Kiwis the opportunity to supercharge their retirement savings

A little-known legal amendment is being leveraged by savvy New Zealanders and expat Brits to supercharge their retirement savings. Not many peop...

Cutting edge AI technology designed for doctors to reduce patient wait times launched in NZ

New Zealand specialist doctors now have access to Artificial Intelligence technology to help reduce patient wait times and experts say it could be...

Sell by LayBy